Optimism Foundation Awards Mode with 2 Million OP Grant

Optimism Foundation Grants Tokens to Mode

Mode, a DeFi platform built on Optimism’s OP Stack, has received a grant of tokens worth approximately $5.3 million from the Optimism Foundation. The grant aims to support user growth incentives on the platform. As part of the initiative, Mode will commit a portion of its sequencer revenue to the Optimism Collective and opt into the Law of Chains, an open neutrality framework that governs the Superchain network.

Sequencers and the Optimism Collective

In Layer 2 networks like Optimism, sequencers play a crucial role in ordering and submitting transactions to the main chain, Ethereum. The Optimism Collective is a community that rewards public goods for Ethereum. The Superchain is Optimism’s network of multiple Layer 2 blockchains, including OP Mainnet, Base network, Zora Network, and Manta Pacific.

Mode’s Objective as a DeFi Hub

Mode aims to become a DeFi hub for the Superchain ecosystem. Founder James Ross stated that the platform will focus on growing interoperable DeFi applications and infrastructure. Additionally, Mode will develop open-source tools for the ecosystem, bringing native yield, smart treasuries, on-chain AI agents, and committing resources to public goods. The mainnet launch is planned for the end of January.

About Author

James Hunt is a reporter at The Block based in the UK. He covers various topics in the crypto industry, including Bitcoin, Ethereum, DeFi protocols, NFTs, regulatory landscapes, and more.

Hot Take: Mode Receives Grant from Optimism Foundation for User Growth Incentives

Mode’s partnership with the Optimism Foundation through the grant of tokens is a significant step in supporting user growth incentives on the platform. By committing a portion of its sequencer revenue to the Optimism Collective, Mode demonstrates its commitment to the Superchain ecosystem’s development. As Mode aims to become a DeFi hub, this grant will contribute to the growth and interoperability of DeFi applications and infrastructure on the Superchain network.